证券代码：000713 证券简称： 丰乐种业 公告编号：2025--033 合肥丰乐种业股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1．业绩预告期间：2025 年 1 月 1 日-6 月 30 日 三、业绩变动原因说明 1、种子业务收入同比减少，利润同比增加。其中杂交水稻种子 销售收入同比增长，新推出的乐优系列及祥两优系列品种在产量、抗 病性等方面表现优异，毛利高，拉升平均单价。玉米种子销售收入同 比下降，主要原因一是受国内玉米种子市场供大于求、行业去库存压 力增大、市场竞争加剧等因素的影响；二是转基因品种铁 391K 市场维 权不及预期，退货量增加。 2、农化业务收入同比减少，利润同比减少。主要原因一是优化 业务结构，减少低毛利产品销售；二是为改进和提升安全环保生产水 平减少了原药及中间体产量，影响销售收入；原药市场行情整体下滑， 部分产品价格同比下降；在建工程转固折旧增加；本年环保支出增加 等。 3、肥料业务收入同比减少，利润同比增加。主要是受气候变化影 响，种植季节推迟使得用肥需求延后， ...

Shenzhen Hongfuhan Technology Co., Ltd. 2025 Semi-Annual Performance Forecast [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a substantial year-over-year decline in net profit attributable to shareholders and net profit excluding non-recurring items for the first half of 2025 Net Profit Attributable to Shareholders Forecast | Item | Current Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Profit: 19.15 million - 23.72 million yuan** | Profit: 47.7652 million yuan | | | Year-over-year decrease: 50.34% - 59.91% | | Net Profit Excluding Non-recurring Items Forecast | Item | Current Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Excluding Non-recurring Gains and Losses** | **Profit: 17.41 million - 21.98 million yuan** | Profit: 41.0467 million yuan | | | Year-over-year decrease: 46.45% - 57.58% | | [Performance Forecast Audit Status](index=1&type=section&id=II.%20Performance%20Forecast%20Audit%20Status) The financial data in this performance forecast represents preliminary estimates by the company's finance department and has not yet been formally audited - The performance forecast data is a preliminary estimate by the company's finance department and has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The company attributes the profit decline in the first half of 2025 to intensified market competition, decreased gross margin, increased labor costs, and the impact of non-recurring gains and losses - Intensified industry competition led to a decline in the company's overall gross margin in the first half of 2025 compared to the prior period, a primary factor in the profit decrease[5](index=5&type=chunk) - Increased staffing to support production, management, and business expansion resulted in higher labor costs compared to the prior year[5](index=5&type=chunk) - Non-recurring gains and losses are estimated to impact net profit by approximately **1.74 million yuan** during the reporting period[6](index=6&type=chunk) [Other Relevant Information](index=2&type=section&id=IV.%20Other%20Relevant%20Information) The company reiterates that this performance forecast is preliminary and unaudited, advising investors to exercise caution as final results will be disclosed in the official 2025 semi-annual report - The company reiterates that this performance forecast is a preliminary estimate by the finance department and has not been audited[7](index=7&type=chunk) - Final detailed financial data will be disclosed in the company's 2025 semi-annual report, cautioning investors about investment risks[7](index=7&type=chunk)

[Hangzhou Keerda Welding Robot Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Hangzhou%20Keerda%20Welding%20Robot%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant decline in H1 2025 performance, with net profit attributable to shareholders decreasing by 89.11% to 91.62% and non-recurring net profit turning to loss 2025 Semi-Annual Performance Forecast | Performance Indicator | Estimated Amount (CNY) | Year-over-Year Change | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 1.97 million to 2.56 million | ↓ 89.11% to 91.62% | | Net Profit Excluding Non-Recurring Items | -3.1292 million to -2.5392 million | ↓ 113.56% to 116.71% | - This performance forecast is unaudited by a certified public accountant[2](index=2&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Prior%20Period%20Performance%20Review) The announcement provides 2024 H1 performance data as a comparative baseline for the current period's forecast 2024 Semi-Annual Performance Review | Performance Indicator | Amount (CNY) | | :--- | :--- | | Net Profit Attributable to Shareholders | 23.5096 million | | Net Profit Excluding Non-Recurring Items | 18.7259 million | [Key Reasons for Performance Change in Current Period](index=1&type=section&id=III.%20Key%20Reasons%20for%20Performance%20Change%20in%20Current%20Period) Performance decline is attributed to increased R&D and management expenses, higher share-based payments, reduced gross margin, and increased inventory impairment - To enhance product market competitiveness, the company increased investments in R&D and management expenses[4](index=4&type=chunk) - Share-based payment expenses increased by **5.6385 million CNY** year-over-year, significantly impacting profit[4](index=4&type=chunk) - Affected by market factors, the company's overall gross profit margin slightly decreased[4](index=4&type=chunk) - Increased inventory impairment provisions and decreased interest income also negatively impacted net profit[4](index=4&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company states this unaudited performance forecast is a preliminary financial estimate, implying potential uncertainty in final data - The company emphasizes this performance forecast is a preliminary financial department estimate, unaudited by a certified public accountant, and thus subject to uncertainty[5](index=5&type=chunk) [Other Explanations](index=2&type=section&id=V.%20Other%20Explanations) The company reminds investors that this disclosure contains preliminary data, with final figures to be based on the official 2025 semi-annual report - The final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report, and investors are advised to be aware of investment risks[6](index=6&type=chunk)

[Core Performance Forecast Data](index=1&type=section&id=I.%20Expected%20Performance%20for%20the%20Current%20Period) The company anticipates a year-on-year increase in its 2025 first-half performance, with net profit attributable to shareholders projected to grow by 10% to 30% 2025 Semi-Annual Performance Forecast | Item | Current Reporting Period | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | Profit: 1.128 billion yuan - 1.333 billion yuan | Profit: 1.026 billion yuan | | | Year-on-year Growth: 10% - 30% | | | **Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses** | Profit: 959.2 million yuan - 1.142 billion yuan | Profit: 913.5 million yuan | | | Year-on-year Growth: 5% - 25% | | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company clarifies that the financial data in this performance forecast are preliminary estimates and remain unaudited by an accounting firm - The financial data in this performance forecast are **preliminary estimates** by the company's finance department and are **unaudited**[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) Performance growth is primarily driven by recovering downstream market demand, particularly in optoelectronic communication and consumer electronics sectors - Demand in downstream sectors, including **optoelectronic communication** and **consumer electronics**, continued to recover, boosting demand for the company's core products[5](index=5&type=chunk) - The company's **MLCC products** experienced significant year-on-year sales growth, driven by enhanced customer recognition[5](index=5&type=chunk) - Sales of the company's **ferrules and related optical components** increased year-on-year, benefiting from accelerated global data center construction and rising market demand[5](index=5&type=chunk) [Other Relevant Information](index=1&type=section&id=IV.%20Other%20Relevant%20Information) The company reiterates that the forecast data is unaudited and advises investors to exercise caution, awaiting the detailed 2025 semi-annual report for final financial figures - The company **reaffirms** that this performance forecast data represents **preliminary estimates** and remains unaudited[6](index=6&type=chunk) - Detailed 2025 semi-annual financial data will be fully disclosed in the company's **official semi-annual report**[7](index=7&type=chunk) - Investors are advised to **exercise caution** in their decisions and be mindful of **investment risks**[7](index=7&type=chunk)

[Company Profile and Key Financial Indicators](index=5&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) An overview of the company's basic information and a summary of its key financial performance over recent years [Company Information Overview](index=5&type=section&id=Company%20Information%20Overview) Paslin Digital Technology Co., Ltd. (stock code 600215) is an intelligent manufacturing company, formerly known as Changchun Jingkai - The company's Chinese name is Paslin Digital Technology Co., Ltd., stock code **600215**, changed from "Changchun Jingkai"[15](index=15&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators for the Past Three Years](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Three%20Years) In 2024, the company's operating revenue decreased by **13.75%** to **RMB 1.843 billion**, and net profit attributable to shareholders significantly declined by **46.85%** to **RMB 64.43 million** Key Accounting Data (Unit: RMB) | Key Accounting Data | 2024 | 2023 | YoY Change (%) | 2022 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,843,073,469.13 | 2,136,876,638.97 | -13.75 | 1,118,618,540.93 | | **Net Profit Attributable to Shareholders of Listed Company** | 64,431,326.35 | 121,223,984.12 | -46.85 | 142,535,175.84 | | **Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items)** | 62,304,089.69 | 143,464,170.26 | -56.57 | 20,622,202.80 | | **Net Cash Flow from Operating Activities** | -54,866,596.78 | -311,628,660.15 | N/A | 108,689,826.63 | | **Net Assets Attributable to Shareholders of Listed Company** | 2,001,415,034.46 | 1,982,584,041.80 | 0.95 | 1,623,553,375.24 | | **Total Assets** | 3,586,449,004.70 | 3,958,962,441.61 | -9.41 | 3,586,368,771.71 | Key Financial Indicators | Key Financial Indicators | 2024 | 2023 | YoY Change (%) | 2022 | | :--- | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (RMB/share)** | 0.1409 | 0.2653 | -46.88 | 0.3216 | | **Basic EPS (Excluding Non-recurring Items) (RMB/share)** | 0.1363 | 0.3139 | -56.59 | 0.0465 | | **Weighted Average Return on Net Assets (%)** | 3.23 | 6.75 | Decreased by 3.52 percentage points | 9.52 | | **Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%)** | 3.12 | 7.98 | Decreased by 4.86 percentage points | 1.38 | [Quarterly Key Financial Data](index=8&type=section&id=Quarterly%20Key%20Financial%20Data) The company's 2024 performance showed a front-loaded trend, with most profit generated in Q1 and a Q4 loss, indicating increasing cash flow pressure 2024 Quarterly Key Financial Data (Unit: RMB) | Indicator | Q1 (Jan-Mar) | Q2 (Apr-Jun) | Q3 (Jul-Sep) | Q4 (Oct-Dec) | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 634,049,375.70 | 408,854,062.56 | 394,879,363.71 | 405,290,667.16 | | **Net Profit Attributable to Shareholders of Listed Company** | 51,952,643.12 | 17,067,892.79 | 16,804,868.24 | -21,394,077.80 | | **Net Cash Flow from Operating Activities** | 107,683,580.56 | -38,585,999.62 | -49,719,695.84 | -74,244,481.88 | [Non-recurring Gains and Losses](index=8&type=section&id=Non-recurring%20Gains%20and%20Losses) In 2024, the company's non-recurring gains and losses totaled **RMB 2.1272 million**, primarily from government subsidies, a significant decrease from 2023 - Total non-recurring gains and losses in 2024 amounted to **RMB 2.1272 million**, primarily from **RMB 2.7755 million** in government subsidies[27](index=27&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) An in-depth analysis of the company's operational performance, industry trends, business overview, core competencies, and future development strategies [Discussion and Analysis of Operations](index=11&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In 2024, the company faced challenges from delayed North American EV investments and intense domestic competition, leading to declines in revenue and net profit - Affected by delayed investments in the North American new energy vehicle market and intensified domestic market competition, the company's 2024 revenue and net profit both declined[31](index=31&type=chunk) - The company's strategic priorities include: - **Global Market**: Consolidating cooperation with leading international automotive OEMs and suppliers, and expanding into the European market[32](index=32&type=chunk) - **Domestic Market**: Expanding into general assembly automation and power battery manufacturing, having entered the supply chains of BMW, GM, and Seres[33](index=33&type=chunk) - **Non-Automotive Market**: Deepening cooperation with clients in intelligent warehousing and prefabricated construction to increase the proportion of non-automotive business[34](index=34&type=chunk) - **Technological Innovation**: Investing in low-altitude economy, bionic intelligent robots, and industrial artificial intelligence, collaborating with institutions like Shanghai Jiao Tong University for industry-academia research[35](index=35&type=chunk) [Industry Overview](index=12&type=section&id=Industry%20Overview) The industrial automation sector is a key driver for high-quality manufacturing development, with global market expansion and significant growth potential in China driven by AI and equipment upgrade policies - The global industrial automation market is projected to reach **USD 471.04 billion** by 2031, with a compound annual growth rate of **9.9%**[40](index=40&type=chunk) - China's new round of equipment upgrade policies is expected to generate a market size exceeding **RMB 5 trillion**, focusing on upgrading core equipment like industrial robots and intelligent speed control systems[41](index=41&type=chunk) - Industry development exhibits five major trends: - **AI Empowerment**: Shifting production decisions from "experience-based rules" to "data intelligence"[47](index=47&type=chunk) - **Humanoid Robots**: Expected to create a trillion-level blue ocean market, with Goldman Sachs forecasting a global market size of **USD 154 billion** by 2035[48](index=48&type=chunk) - **System Integration**: Integrated intelligent manufacturing solutions becoming mainstream[51](index=51&type=chunk) - **Green Intelligent Manufacturing**: Becoming a core variable in reshaping the industrial competitive landscape[52](index=52&type=chunk) - **Expanded Application Scenarios**: New markets like intelligent warehousing and low-altitude economy offer broad prospects[52](index=52&type=chunk) [Company Business Overview](index=16&type=section&id=Company%20Business%20Overview) The company's core business remains unchanged, focusing on industrial automation line solutions for intelligent manufacturing across various sectors - The company's main business is industrial automation production line solutions, primarily applied in automotive manufacturing, intelligent warehousing, prefabricated construction, and digital factory fields[56](index=56&type=chunk) - The company is among the first tier in North American automotive welding technology, alongside giants like KUKA and Comau, holding leading technological advantages and market share in automotive structural component automated welding and new energy vehicle equipment manufacturing[64](index=64&type=chunk)[65](index=65&type=chunk) [Core Competitiveness Analysis](index=18&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness stems from over **80 years** of technical expertise, efficient project management, strong client relationships, global presence, and an experienced international team - The company possesses over **80 years** of industrial automation experience, with leading technology and absolute advantages in automotive welding deformation control[66](index=66&type=chunk) - The company has established a RASCI 4.0 process control system, enabling full-process management for large and complex automation production line projects[68](index=68&type=chunk) - The company's global client base includes a leading international new energy vehicle OEM, General Motors, Ford, BYD, and Li Auto, having established long-term strategic partnerships with core clients[69](index=69&type=chunk) [Analysis of Key Operating Performance](index=19&type=section&id=Analysis%20of%20Key%20Operating%20Performance) In 2024, the company experienced a decline in revenue and net profit, but domestic business doubled, R&D investment significantly increased, and financial structure improved [Analysis of Income Statement and Cash Flow Statement](index=19&type=section&id=Analysis%20of%20Income%20Statement%20and%20Cash%20Flow%20Statement) Revenue and costs decreased due to delayed orders, while R&D expenses significantly increased, and cash flow from operations improved due to enhanced collections Income Statement and Cash Flow Statement Key Item Changes | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,843,073,469.13 | 2,136,876,638.97 | -13.75 | Delayed existing orders led to a decrease in revenue | | **R&D Expenses** | 27,493,690.69 | 15,434,967.92 | 78.13 | Increased R&D investment for new technologies and products | | **Net Cash Flow from Operating Activities** | -54,866,596.78 | -311,628,660.15 | N/A | Enhanced collection of payments, increasing cash inflow | | **Net Cash Flow from Investing Activities** | 169,152,930.20 | -2,965,690.21 | N/A | Recovery of the second installment of equity transfer payment for Liuhe Real Estate | | **Net Cash Flow from Financing Activities** | 18,069,497.72 | 316,560,857.92 | -94.29 | Strengthened cash flow management, reduced borrowings | [Revenue and Cost Analysis](index=21&type=section&id=Revenue%20and%20Cost%20Analysis) Industrial automation revenue declined, with domestic business doubling but at a lower margin, while overseas revenue decreased with stable margins, and customer concentration remained high Main Business by Region (Unit: RMB) | Region | Operating Revenue | Operating Cost | Gross Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | **Domestic** | 294,815,131.65 | 275,176,889.98 | 6.66 | 113.11 | | **Overseas** | 1,543,088,368.75 | 1,290,124,950.93 | 16.39 | -22.58 | - Sales to the top five customers totaled **RMB 1.425 billion**, accounting for **77.30%** of total annual sales[82](index=82&type=chunk) [Asset and Liability Analysis](index=26&type=section&id=Asset%20and%20Liability%20Analysis) Total assets decreased, with significant reductions in accounts receivable and payables due to improved collections and project delays, while contract assets increased Balance Sheet Key Item Changes | Item Name | Current Period End (RMB) | Prior Period End (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | **Accounts Receivable** | 324,306,116.10 | 725,856,759.39 | -55.32 | Strengthened accounts receivable management, increased cash collection | | **Contract Assets** | 816,280,255.29 | 605,809,866.51 | 34.74 | Project delays, some projects not yet at invoicing stage | | **Accounts Payable** | 159,224,569.70 | 455,393,755.86 | -65.04 | Project delays, reduced external procurement | | **Non-current Liabilities Due Within One Year** | 26,133,530.79 | 376,777,593.29 | -93.06 | Repayment of bank loans by Paslin US | - As of the end of the reporting period, the company's overseas assets amounted to **RMB 2.311 billion**, accounting for **64%** of total assets[93](index=93&type=chunk) [Future Development Discussion and Analysis](index=30&type=section&id=Future%20Development%20Discussion%20and%20Analysis) The company will adhere to its "1+2+3" development strategy, focusing on industrial automation, two key industries, and three markets, while addressing identified risks - The company's development strategy is "1+2+3": - **1 Industry**: Industrial automation[108](index=108&type=chunk) - **2 Sectors**: Automotive industry and non-automotive industry (intelligent warehousing, aircraft manufacturing, etc.)[109](index=109&type=chunk) - **3 Markets**: Consolidate North America, expand Asia-Pacific, and establish presence in Europe[109](index=109&type=chunk) - Key initiatives for the 2025 operating plan include: - **Automotive Business**: Consolidating advantages in passenger vehicles, expanding into commercial vehicles and new energy "three-electric" system equipment markets[111](index=111&type=chunk) - **Domestic Market**: Focusing on leading OEMs to secure high-profit projects[112](index=112&type=chunk) - **Non-Automotive Business**: Expanding into intelligent warehousing, prefabricated construction, and consumer goods sectors[113](index=113&type=chunk) - **Emerging Businesses**: Accelerating commercialization of intelligent robots and implementing aircraft automation production lines[114](index=114&type=chunk) - **Technology Integration**: Empowering intelligent manufacturing with AI to enhance product intelligence[115](index=115&type=chunk) - The main risks faced by the company include macroeconomic and industry cycle fluctuations, intensified market competition, and global management risks[118](index=118&type=chunk)[119](index=119&type=chunk) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) Details on the company's adherence to governance standards, board and supervisory committee changes, and shareholder return planning [Overview of Corporate Governance](index=34&type=section&id=Overview%20of%20Corporate%20Governance) During the reporting period, the company maintained a sound and compliant corporate governance structure, completing board and supervisory committee elections and adhering to disclosure requirements - During the reporting period, the company's corporate governance practices complied with the "Company Law" and relevant regulatory documents from the CSRC and SSE[123](index=123&type=chunk) - The company completed the re-election of the eleventh Board of Directors and Supervisory Board, and formulated the "Shareholder Return Plan for the Next Three Years (2024-2026)"[124](index=124&type=chunk)[125](index=125&type=chunk) [Environmental and Social Responsibility](index=49&type=section&id=Environmental%20and%20Social%20Responsibility) Outlines the company's commitment to environmental protection and social responsibility initiatives [Environmental Information](index=49&type=section&id=Environmental%20Information) The company has established environmental protection mechanisms, complies with regulations, and has received ISO14001:2015 certification and EcoVadis bronze recognition for its environmental efforts - The company's subsidiary, Shanghai Paslin, obtained the **ISO14001:2015 Environmental Management System certification**[170](index=170&type=chunk) - Shanghai Paslin received a **bronze medal certification** after passing the EcoVadis Corporate Social Responsibility (CSR) assessment[172](index=172&type=chunk) [Significant Matters](index=51&type=section&id=Significant%20Matters) Covers the fulfillment of commitments, particularly regarding the performance of acquired assets, and the company's guarantee situation [Fulfillment of Commitments](index=51&type=section&id=Fulfillment%20of%20Commitments) While general commitments were met, Paslin US, a major asset reorganization target, failed to meet its 2024 performance commitment due to delayed North American EV investments, triggering compensation - Paslin US, the target of a major asset reorganization, failed to meet its **2024 performance commitment**[183](index=183&type=chunk)[184](index=184&type=chunk) Paslin US 2024 Performance Commitment Fulfillment (Unit: Million USD) | Indicator | Committed Performance (Million USD) | Actual Performance (Million USD) | Completion Rate (%) | | :--- | :--- | :--- | :--- | | **2024 Net Profit (Excluding Non-recurring Items)** | 26.45 | 15.9063 | 60.14 | - The primary reason for the unfulfilled performance commitment was the delay or cancellation of investment plans by North American new energy vehicle OEMs. According to the agreement, the performance commitment party, Wanfeng Technology, is required to compensate the company with **RMB 99.3695 million**[184](index=184&type=chunk) [Guarantees](index=63&type=section&id=Guarantees) The company has no external guarantees, with all guarantees provided to wholly-owned subsidiaries or between subsidiaries, totaling **RMB 169 million**, representing **8.44%** of net assets Company Guarantee Total (Unit: RMB Billion) | Item | Amount | | :--- | :--- | | **Total Guarantee Balance for Subsidiaries at Period End** | 0.169 | | **Ratio of Total Guarantees to Company's Net Assets (%)** | 8.44 | | **Debt Guarantees Provided to Guaranteed Parties with Asset-Liability Ratio Exceeding 70%** | 0.169 | [Share Capital Changes and Shareholder Information](index=65&type=section&id=Share%20Capital%20Changes%20and%20Shareholder%20Information) Details changes in the company's share capital and provides an overview of its shareholder structure and controlling parties [Share Capital Changes](index=65&type=section&id=Share%20Capital%20Changes) The company's total share capital decreased due to the repurchase and cancellation of **2,037,500** restricted shares from the 2023 incentive plan, as performance targets were not met - Due to the repurchase and cancellation of restricted shares that did not meet unlocking conditions, the company's total share capital decreased by **2,037,500 shares** to **462,995,380 shares** at period-end[196](index=196&type=chunk)[197](index=197&type=chunk) [Shareholders and Actual Controller Information](index=67&type=section&id=Shareholders%20and%20Actual%20Controller%20Information) As of the reporting period end, the company had **28,667** common shareholders, with Wanfeng Jinyuan Holding Group Co., Ltd. as the controlling shareholder and Chen Ailian and Wu Jinhua as the actual controllers - The controlling shareholder is Wanfeng Jinyuan Holding Group Co., Ltd., holding **22.71%** of shares. The actual controllers are Chen Ailian and Wu Jinhua[204](index=204&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk) - The controlling shareholder Wanfeng Jinyuan and its concerted parties Wanfeng Jinyuan Investment and Wu Jinhua collectively hold **132,984,707 shares**, accounting for **28.72%** of the total share capital[205](index=205&type=chunk)[582](index=582&type=chunk) [Financial Report](index=74&type=section&id=Financial%20Report) Presents the company's audited financial statements, including the audit report and key consolidated financial data [Audit Report](index=74&type=section&id=Audit%20Report) Zhongxingcai Guanghua Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2024 financial statements, highlighting goodwill impairment and revenue recognition for overseas subsidiaries as key audit matters - The audit firm issued a **standard unqualified audit opinion**[220](index=220&type=chunk) - Key audit matters include: - **Goodwill Impairment**: As of year-end, goodwill had a carrying value of **RMB 694 million**, accounting for **19.35%** of total assets. Its impairment test involves significant judgments on key assumptions such as future revenue growth rates, profit margins, and discount rates[221](index=221&type=chunk) - **Revenue Recognition for Overseas Subsidiaries**: Revenue for overseas subsidiaries is primarily recognized using the input method (cost method) to determine performance progress, which relies on management's reasonable estimation and continuous assessment of total estimated contract costs[222](index=222&type=chunk) [Consolidated Financial Statement Key Data](index=76&type=section&id=Consolidated%20Financial%20Statement%20Key%20Data) As of December 31, 2024, the company reported total assets of **RMB 3.586 billion**, total liabilities of **RMB 1.585 billion**, and net profit of **RMB 64.43 million** Consolidated Balance Sheet Key Data (December 31, 2024) | Item | Amount (RMB) | | :--- | :--- | | **Total Current Assets** | 1,616,541,746.20 | | **Total Non-current Assets** | 1,969,907,258.50 | | **Total Assets** | 3,586,449,004.70 | | **Total Current Liabilities** | 1,241,356,211.35 | | **Total Non-current Liabilities** | 343,677,758.89 | | **Total Liabilities** | 1,585,033,970.24 | | **Total Equity Attributable to Parent Company Shareholders** | 2,001,415,034.46 | Consolidated Income Statement Key Data (2024) | Item | Amount (RMB) | | :--- | :--- | | **Total Operating Revenue** | 1,843,073,469.13 | | **Total Operating Costs** | 1,758,904,370.05 | | **Total Profit** | 78,633,599.77 | | **Net Profit** | 64,431,326.35 | | **Net Profit Attributable to Parent Company Shareholders** | 64,431,326.35 | Consolidated Cash Flow Statement Key Data (2024) | Item | Amount (RMB) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | -54,866,596.78 | | **Net Cash Flow from Investing Activities** | 169,152,930.20 | | **Net Cash Flow from Financing Activities** | 18,069,497.72 | | **Net Increase in Cash and Cash Equivalents** | 121,732,327.85 |

[Key Financial Data and Indicators](index=1&type=section&id=II.%202025%20Semi-Annual%20Key%20Financial%20Data%20and%20Indicators) The company's total operating revenue increased slightly to 92.367 billion yuan, while net profit attributable to the parent company declined by 10.22% to 6.337 billion yuan, reflecting pressure on core profitability 2025 Semi-Annual Key Financial Data (Consolidated Statement) | Key Indicators | Current Period (RMB Billion) | Prior Period (RMB Billion) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Income Statement Items** | | | | | Total Operating Revenue | 92.367 | 91.428 | 1.03% | | Operating Profit | 6.862 | 8.106 | -15.35% | | Total Profit | 7.004 | 8.261 | -15.22% | | Net Profit Attributable to Company Shareholders | 6.337 | 7.058 | -10.22% | | Net Profit Attributable to Parent Company (Excluding Non-Recurring Items) | 3.582 | 5.630 | -36.38% | | Basic Earnings Per Share (RMB/share) | 0.74 | 0.83 | -10.84% | | **Balance Sheet Items** | **End of Current Period** | **Beginning of Current Period** | **Change from Beginning of Period (%)** | | Total Assets | 222.448 | 217.720 | 2.17% | | Shareholders' Equity Attributable to Company | 84.447 | 78.985 | 6.92% | [Explanation of Operating Performance and Financial Condition](index=2&type=section&id=III.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Condition) The company attributes current period performance fluctuations to increased strategic investments in new product cycles, direct-to-consumer channels, and brand enhancement, despite sales and revenue growth - The company initiated a new product cycle, achieving year-on-year growth in sales volume and operating revenue[5](index=5&type=chunk) - The primary reason for the decline in net profit is increased investment, specifically in: - Accelerating the establishment of new direct-to-consumer channel models - Intensifying promotional efforts for new models and technologies - Increasing brand enhancement related expenditures[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company states that the financial data in this express report are preliminary and unaudited, subject to change in the final semi-annual report, with no other significant uncertainties disclosed - The financial data in this announcement are preliminary and unaudited, with final data subject to the 2025 semi-annual report[2](index=2&type=chunk) - The company declares no significant uncertainties exist that would affect the accuracy of this performance express report[6](index=6&type=chunk)

证券代码：300444 证券简称：双杰电气 公告编号：2025-042 北京双杰电气股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （二）公司积极把握全球市场发展契机，通过国内外协同发展实现智能电 网业绩突破。在国内市场巩固输配电行业优势地位，核心业务板块保持稳定增 长；同时加快海外拓展步伐，部分海外市场实现新增长。 （三）公司实施以效益为导向的精细化运营管理，有效控制成本并提升运 营效率，带动公司整体盈利能力增强。 （一）业绩预告期间：2025年1月1日至2025年6月30日 | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 | 盈利：10,000万元–12,000万元 | 盈利：8,618.74万元 | | 股东的净利润 | 比上年同期增长：16.03%-39.23% | | | 扣除非经常性损 | 盈利：10,000万元–12,000万元 | 盈利：9,497.13万元 | | 益后的净利润 | 比上年同期增长：5.29%-26.35% ...

[Performance Forecast Overview](index=1&type=section&id=%E4%B8%80%E3%80%81%E9%A2%84%E8%AE%A1%E7%9A%84%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) The company projects continued losses for the first half of 2025, with net profit attributable to shareholders estimated between a loss of 11 million and 21 million yuan 2025 Semi-Annual Performance Forecast | Item | Current Reporting Period (Estimated) | Same Period Last Year | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of the Listed Company** | Loss: 11 million – 21 million yuan | Loss: 16.4048 million yuan | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: 15 million – 25 million yuan | Loss: 18.5683 million yuan | | **Basic Earnings Per Share** | Loss: 0.05 – 0.10 yuan/share | Loss: 0.08 yuan/share | [Pre-Audit Status](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E9%A2%84%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) The company has pre-communicated with its accounting firm regarding the performance forecast, with no significant disagreements identified - The company has pre-communicated with the accounting firm regarding the performance forecast, with no significant disagreements[3](index=3&type=chunk) - The valuation method for certain financial assets held by the company's associate, measured at fair value, changed due to market environment shifts[3](index=3&type=chunk) [Reasons for Performance Change and Response Strategies](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E4%BA%8F%E6%8D%9F%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's continued losses are primarily due to military procurement restrictions and intensified market competition, prompting a strategic shift towards civilian markets and emerging industries [Core Factors of Loss](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E4%BA%8F%E6%8D%9F%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E_1) The core reasons for the loss are ongoing military procurement restrictions limiting military business and reduced gross profit margins due to intensified market competition - The company remains subject to military procurement network restrictions, hindering military business and reducing new orders and acceptance projects, which is a primary cause of the performance loss[4](index=4&type=chunk) - Due to intensified market competition, the gross profit margins of some company products have decreased compared to the same period last year[4](index=4&type=chunk) [Response Strategies and New Business Layout](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E4%BA%8F%E6%8D%9F%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E_2) To improve profitability, the company is expanding into civilian markets and strategically investing in emerging industries like low-altitude economy and AI applications - To address industry changes, the company is focusing on expanding into new businesses and markets, with a primary shift towards the civilian market sector[4](index=4&type=chunk)[5](index=5&type=chunk) - New business development focuses on strategic emerging industries including low-altitude economy, low-orbit internet connectivity, autonomous driving, AI applications, robotics, and counter-UAV technologies[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This performance forecast is a preliminary, unaudited estimate, and investors should refer to the official semi-annual report for final financial data - This performance forecast is a preliminary estimate by the company's finance department, unaudited by an auditing firm, and thus subject to uncertainty[6](index=6&type=chunk)

[Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company forecasts a year-over-year decline in its 2025 first-half performance, with net profit attributable to shareholders expected to decrease by 39.95% to 53.81% Performance Forecast Table | Item | Current Period (2025H1) Forecast | Prior Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 100 million CNY – 130 million CNY | Profit: 216.4775 million CNY | Decrease: 39.95% - 53.81% | | **Net Profit Excluding Non-Recurring Gains and Losses** | Profit: 91 million CNY – 121 million CNY | Profit: 203.3734 million CNY | Decrease: 40.50% - 55.25% | [Explanation of Performance Change](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's performance decline is primarily due to the nationwide implementation of centralized drug procurement policies, which significantly reduced product prices and compressed profit margins - The core reason for the performance decline is the **significant reduction in sales prices** of the company's main products due to the nationwide implementation of centralized drug procurement (NCDP), leading to **lower operating revenue** and **compressed profit margins**[5](index=5&type=chunk)[6](index=6&type=chunk) - Non-recurring gains and losses are estimated to have a positive impact of approximately **9 million CNY** on net profit during the current reporting period, primarily from government subsidies[6](index=6&type=chunk) [Other Explanations and Risk Warnings](index=1&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company emphasizes that the financial data in this performance forecast are preliminary, unaudited estimates, with final figures to be disclosed in the 2025 semi-annual report, urging investors to be aware of investment risks - The financial data in this performance forecast are **preliminary estimates** and **unaudited** by a certified public accountant, thus subject to uncertainty[4](index=4&type=chunk)[7](index=7&type=chunk) - The company advises investors that the specific and accurate financial data will be disclosed in the 2025 semi-annual report, urging caution regarding investment risks[7](index=7&type=chunk)

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for terms used throughout the report [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's basic information and presents its key financial performance metrics [Company Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter provides basic information about Shentong Technology Group Co., Ltd., including its name, legal representative, contact details, and registered address - The company's legal representative is **Fang Lifeng**[15](index=15&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved robust performance with a 22.46% increase in operating revenue and a significant 111.09% surge in net profit attributable to shareholders, driven by sustained customer orders and improved gross margins, alongside a 72.07% growth in net cash flow from operating activities Key Accounting Data (January-June 2025) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 815,726,941.63 | CNY 666,132,573.20 | 22.46% | | Net Profit Attributable to Shareholders of Listed Company | CNY 64,277,971.13 | CNY 30,450,258.46 | 111.09% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | CNY 61,427,924.76 | CNY 28,594,949.84 | 114.82% | | Net Cash Flow from Operating Activities | CNY 38,974,538.82 | CNY 22,649,745.11 | 72.07% | | **Asset Status** | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year End (%)** | | Net Assets Attributable to Shareholders of Listed Company | CNY 1,592,676,010.45 | CNY 1,493,307,034.83 | 6.65% | | Total Assets | CNY 2,906,705,426.67 | CNY 2,818,547,984.21 | 3.13% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.15 | 0.07 | 114.29% | | Diluted Earnings Per Share (CNY/share) | 0.15 | 0.07 | 114.29% | | Weighted Average Return on Net Assets (%) | 4.17% | 1.94% | Increased by 2.23 percentage points | - Key reasons for performance growth: - **Operating revenue increased by 22.46%**: Primarily due to the continuous increase in customer orders (e.g., active oil-gas separators, new projects for Customer A)[22](index=22&type=chunk) - **Significant increase in net profit**: Primarily due to the increase in operating revenue and gross margin compared to the previous period[22](index=22&type=chunk) - **Net cash flow from operating activities increased by 72.07%**: Primarily due to a decrease in cash paid for goods purchased and services received compared to the previous period[22](index=22&type=chunk) [Non-recurring Gains and Losses and Amounts](index=6&type=section&id=%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to CNY 2.85 million, primarily comprising government subsidies of CNY 1.75 million and fair value changes from financial assets of CNY 1.21 million Non-recurring Gains and Losses Details | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses on disposal of non-current assets | 368,920.85 | | Government subsidies recognized in current profit or loss | 1,749,868.32 | | Gains and losses from financial assets and financial liabilities | 1,214,580.00 | | Net non-operating income and expenses | -124,489.72 | | Income tax impact | -358,833.08 | | **Total** | **2,850,046.37** | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, industry landscape, and strategic initiatives [Industry and Main Business Overview](index=8&type=section&id=%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) In the first half of 2025, China's automotive market maintained strong production and sales, with new energy vehicles reaching a 44.3% penetration rate, while the company, as an automotive parts supplier, focuses on power systems, trim systems, and optical lenses for intelligent cockpits and advanced driver-assistance systems, employing a co-development and "production-based procurement" strategy - From January to June 2025, China's automotive market experienced robust production and sales, with year-on-year growth of **12.5%** and **11.4%** respectively[28](index=28&type=chunk) - New energy vehicles continued rapid growth, with production and sales increasing by **41.4%** and **40.3%** year-on-year respectively, accounting for **44.3%** of total new vehicle sales[28](index=28&type=chunk) - The company's main businesses include: - **Power system components**: Intake systems, lubrication systems, timing systems, etc[29](index=29&type=chunk) - **Trim system components**: Door panel parts, instrument panel parts, body trim, etc[29](index=29&type=chunk) - **Optical lens series**: Used in LiDAR, millimeter-wave radar, and HUD for intelligent cockpits and advanced driver-assistance products[29](index=29&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company achieved CNY 816 million in operating revenue, a 22.46% increase year-on-year, and CNY 64.28 million in net profit attributable to shareholders, a 111.09% increase year-on-year, driven by strategic advancements in automotive intelligence, deepened customer collaborations, increased R&D investment, digital transformation, talent system development, and a strategic entry into the consumer electronics sector - The company is deeply involved in the automotive intelligence industry chain, having developed and launched active oil-gas separators and entered the automotive-grade optical lens field, with products already securing orders from downstream customers[34](index=34&type=chunk)[35](index=35&type=chunk) - The company has strategically entered the consumer electronics sector, launching the Jiguang brand series products (e.g., light field display smart devices), completing its business expansion from B-end to C-end, with products currently in the market introduction phase[36](index=36&type=chunk) - The company continues to expand its new energy vehicle customer base, securing multiple project nominations and maintaining steady expansion of project collaborations with existing clients, ensuring ample orders on hand[37](index=37&type=chunk) - As of June 30, 2025, the company holds **526 patents**, including **103 invention patents**, demonstrating its continuous investment and achievements in technological innovation[37](index=37&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include a stable and expanding high-quality customer base, a nationwide production network ensuring timely supply, mastery of advanced injection molding, welding, and optical coating processes with high automation, strong R&D capabilities backed by extensive intellectual property, and a robust quality control and internal control system - **Customer Advantage**: The company maintains long-term partnerships with renowned OEMs such as FAW-Volkswagen, Nissan, and BMW, and has successfully entered the supplier systems of new energy vehicle manufacturers like NIO, Li Auto, and Customer A, boasting a rich order backlog[40](index=40&type=chunk) - **Production Layout Advantage**: Production bases are strategically located in major automotive industry hubs nationwide, including Ningbo, Yantai, Wuhan, Changchun, and Foshan, enabling proximity to customers, effective reduction of logistics costs, and improved response times[41](index=41&type=chunk) - **Process and Equipment Advantage**: The company possesses mature processes such as multi-type two-color injection molding, gas-assisted injection molding, and high-gloss injection molding, along with advanced welding technologies like hot plate welding and laser welding, and has introduced a dip coating production line for PC car windows[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - **Technological Advantage**: As a national high-tech enterprise, the company holds **526 patents**, including **103 invention patents**, as of the end of the reporting period, demonstrating its capability for synchronous development with OEMs[43](index=43&type=chunk)[44](index=44&type=chunk) [Analysis of Key Operating Performance](index=12&type=section&id=%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This chapter provides a detailed analysis of the financial status during the reporting period, highlighting significant increases in operating revenue and cost, a decrease in administrative expenses due to reduced share-based payments, a substantial increase in financial expenses due to reduced capitalization of convertible bond interest, and notable changes in cash, financial assets, accounts receivable, and construction in progress [Main Business Analysis](index=12&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by 22.46%, primarily driven by sustained customer order growth, while administrative expenses decreased by 18.45% due to reduced share-based payments, and financial expenses surged by 1872.54% mainly due to decreased capitalization of convertible bond interest, with significant changes observed across operating, investing, and financing cash flows Financial Statement Related Account Changes Analysis | Account | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change Percentage (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 815,726,941.63 | 666,132,573.20 | 22.46 | | Operating Cost | 623,154,111.07 | 526,880,655.23 | 18.27 | | Administrative Expenses | 53,387,146.26 | 65,468,141.67 | -18.45 | | Financial Expenses | 8,679,479.79 | -489,663.25 | 1,872.54 | | Net Cash Flow from Operating Activities | 38,974,538.82 | 22,649,745.11 | 72.07 | | Net Cash Flow from Investing Activities | -314,452,032.82 | -149,341,833.10 | -110.56 | | Net Cash Flow from Financing Activities | 5,491,980.15 | -102,247,157.05 | 105.37 | - **Decrease in Administrative Expenses**: Primarily due to a reduction in share-based payment expenses during the current period[49](index=49&type=chunk) - **Increase in Financial Expenses**: Primarily due to a decrease in the capitalization of convertible bond interest expenses during the current period[49](index=49&type=chunk) - **Increase in Net Cash Outflow from Investing Activities**: Primarily due to increased purchases of bank wealth management products and structured deposits, classified as transactional financial assets, during the current period[49](index=49&type=chunk) - **Increase in Net Cash Inflow from Financing Activities**: Primarily due to increased cash inflow from stock option exercises during the current period, coupled with reduced share repurchases and debt repayments[49](index=49&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets stood at CNY 2.91 billion, with cash decreasing by 35.28% due to wealth management product purchases, leading to a significant increase in transactional financial assets, while construction in progress decreased by 69.20% due to project capitalization, and on the liability side, all short-term borrowings were repaid, and employee compensation decreased by 44.07% due to year-end bonus payments Asset and Liability Status Changes | Item Name | Current Period End Amount (CNY) | Prior Year End Amount (CNY) | Change Percentage (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 511,974,381.28 | 791,095,975.29 | -35.28 | Purchase of bank wealth management products and structured deposits | | Transactional Financial Assets | 220,296,164.38 | 0 | / | Purchase of bank wealth management products and structured deposits | | Notes Receivable | 149,387,869.37 | 95,586,314.56 | 56.29 | More notes received than notes accepted, discounted, or endorsed | | Construction in Progress | 57,774,274.35 | 187,551,135.32 | -69.20 | Hubei Mingyuan Optical Lens Project transferred to fixed assets | | Short-term Borrowings | 0 | 6,551,600.00 | -100.00 | Repayment of borrowings | | Employee Compensation Payable | 16,215,949.10 | 28,995,497.84 | -44.07 | 2024 year-end bonuses paid in current period | [Analysis of Investment Status](index=15&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company made no significant new external equity investments, but utilized idle funds for cash management, resulting in a period-end balance of CNY 220 million in financial assets measured at fair value, primarily bank wealth management products Financial Assets Measured at Fair Value | Asset Category | Beginning Balance | Amount Purchased in Current Period | Amount Sold/Redeemed in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Other (Bank Wealth Management, etc.) | 0 | 629,000,000.00 | 409,000,000.00 | 220,296,164.38 | [Potential Risks](index=17&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces key risks including macroeconomic cyclical fluctuations, intense market competition, customer concentration, raw material cost volatility, gross margin fluctuations, annual product price reductions, and stock market volatility, all of which could adversely affect its operating performance and profitability - **Macroeconomic and Market Competition Risks**: The automotive parts industry is highly susceptible to macroeconomic cycles, and intense market competition poses significant challenges if the company's technological investment and capacity expansion are insufficient[58](index=58&type=chunk)[60](index=60&type=chunk) - **Customer Concentration and Cost-Price Risks**: The company faces customer concentration risk due to a high proportion of sales to its top five clients, while fluctuating raw material prices, pressure from OEMs for price reductions, and customary annual product price adjustments may impact the company's gross margin and profitability[60](index=60&type=chunk)[61](index=61&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details the company's corporate governance practices, including board and management changes, and its approach to profit distribution [Corporate Governance Status](index=19&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, and the company does not plan to distribute profits or convert capital reserves into share capital for the half-year period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[64](index=64&type=chunk) - The proposed profit distribution plan for the half-year is no distribution and no capitalization of reserves[64](index=64&type=chunk) [Equity Incentive Plan](index=19&type=section&id=%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92) During the reporting period, the company continued to advance its 2021 and 2023 restricted stock and stock option incentive plans, completing the repurchase and cancellation of some restricted shares and the cancellation of some stock options - The company issued multiple announcements during the reporting period regarding the conversion of convertible bonds and the results of autonomous exercise under the 2023 equity incentive plan[65](index=65&type=chunk) - The company repurchased and cancelled some restricted shares granted under the 2021 and 2023 incentive plans that had not yet been unblocked, and also cancelled some stock options[65](index=65&type=chunk) [Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the company's fulfillment of commitments, significant guarantees, and the progress of raised funds utilization [Fulfillment of Commitments](index=21&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During and continuing into the reporting period, the company's actual controllers, shareholders, and the company itself strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentive activities, including share lock-ups, avoidance of horizontal competition, and regulation of related-party transactions, with no instances of unfulfilled commitments - The company's actual controllers, shareholders, and directors, supervisors, and senior management strictly fulfilled their share lock-up commitments since the initial public offering[69](index=69&type=chunk)[71](index=71&type=chunk) - Shentong Investment, the controlling shareholder, voluntarily committed not to reduce its holdings in the company in any manner for 12 months starting from February 6, 2024[71](index=71&type=chunk)[75](index=75&type=chunk) [Significant Guarantees](index=30&type=section&id=%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no external guarantees, but provided guarantees to subsidiaries totaling CNY 530 million, with an outstanding balance of CNY 61.84 million at period-end, representing 3.88% of the company's net assets, primarily for group bill pool business and subsidiary procurement payments Company Guarantee Total Amount | Item | Amount (CNY) | | :--- | :--- | | Total guarantees to subsidiaries incurred during the reporting period | 530,000,000.00 | | Total outstanding guarantees to subsidiaries at the end of the reporting period (B) | 61,838,906.68 | | Total guarantees (A+B) | 61,838,906.68 | | Total guarantees as a percentage of the company's net assets (%) | 3.88 | [Progress of Raised Funds Utilization](index=32&type=section&id=%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95) In July 2023, the company raised a net amount of CNY 569 million through convertible bonds, entirely allocated to the optical lens production base project, which has seen a cumulative investment of CNY 140 million, representing 24.59% of the total, as of the end of the reporting period, with a portion of idle funds also utilized for cash management Overall Utilization of Raised Funds | Source of Raised Funds | Net Amount of Raised Funds (CNY 10,000) | Cumulative Investment at End of Reporting Period (CNY 10,000) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 56,930.30 | 13,996.49 | 24.59 | - The raised funds are entirely committed to the "Optical Lens Production Base Project," which is expected to reach its intended usable state by July 2026[84](index=84&type=chunk) - The company uses a maximum of **CNY 430 million** of idle raised funds for cash management, with an ending balance of **CNY 140 million**[86](index=86&type=chunk)[87](index=87&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Capital Changes](index=35&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased from 426,011,840 shares to 429,368,410 shares, primarily due to the conversion of 11,360 shares from "Shentong Convertible Bonds" and the exercise of 3,345,210 stock options under the 2023 equity incentive plan Share Change Table | Share Class | Quantity Before This Change | Increase/Decrease in This Change | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 3,003,000 | 0 | 3,003,000 | | II. Unrestricted Tradable Shares | 423,008,840 | +3,356,570 | 426,365,410 | | **III. Total Shares** | **426,011,840** | **+3,356,570** | **429,368,410** | - Reasons for share increase: - "Shentong Convertible Bonds" cumulatively converted into **11,360 shares** during the reporting period[92](index=92&type=chunk) - Stock options from the 2023 equity incentive plan cumulatively exercised for **3,345,210 shares** during the reporting period[92](index=92&type=chunk) [Shareholder Information](index=36&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 19,970 common shareholders, with the top four shareholders—Ningbo Shentong Investment, Ningbo Biheng Venture Capital, Hong Kong Yuli Industrial, and Ningbo Shentong Renhua Investment—collectively holding over 75% of shares, indicating a concentrated equity structure, and controlling shareholder Shentong Investment holds 45.28% of shares, some of which are pledged - As of the end of the reporting period, the company had **19,970** common shareholders[93](index=93&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | Ningbo Shentong Investment Co., Ltd. | 194,397,178 | 45.28 | | Ningbo Biheng Venture Capital Partnership (Limited Partnership) | 64,590,323 | 15.04 | | Hong Kong Yuli Industrial Co., Ltd. | 38,987,191 | 9.08 | | Ningbo Shentong Renhua Investment Partnership (Limited Partnership) | 24,976,923 | 5.82 | | Shentong Technology Group Co., Ltd. Repurchase Special Securities Account | 6,588,001 | 1.53 | - The company's co-actual controllers, Fang Lifeng and Chen Xiaoyan, collectively hold **60.18%** of the company's voting rights through direct and indirect means[97](index=97&type=chunk) [Bond-Related Information](index=40&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's convertible corporate bonds [Convertible Corporate Bonds](index=40&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%8A%A1%E6%83%85%E5%86%B5) In July 2023, the company issued "Shentong Convertible Bonds" totaling CNY 577 million with a 6-year term, with the conversion period commencing on January 31, 2024; during the reporting period, the conversion amount was CNY 0.131 million, representing 0.0073% of the total share capital before conversion, and as of the end of the reporting period, the latest conversion price was CNY 11.52 per share, with the company and bond credit ratings both "AA-" with a "stable" outlook - The company issued convertible corporate bonds totaling **CNY 577 million** on July 25, 2023, named "Shentong Convertible Bonds" with code "111016" and a 6-year term[103](index=103&type=chunk) Convertible Bond Cumulative Conversion Status During Reporting Period | Item | Data | | :--- | :--- | | Conversion amount during reporting period (CNY) | 131,000 | | Number of shares converted during reporting period (shares) | 11,360 | | Cumulative number of shares converted (shares) | 31,200 | | Unconverted bond amount (CNY) | 576,640,000 | | Percentage of unconverted bonds to total issued bonds (%) | 99.9376 | - As of the end of the reporting period, the conversion price has been adjusted several times, with the latest conversion price being **CNY 11.52/share**[110](index=110&type=chunk) - According to China Chengxin International's follow-up rating report on June 17, 2025, the company's main credit rating is "AA-" with a "stable" outlook, and the "Shentong Convertible Bonds" credit rating is "AA-", with no change in rating results[111](index=111&type=chunk) [Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section contains the comprehensive financial statements and related notes